Bank of New York Mellon Corp Reduces Stock Holdings in Corebridge Financial, Inc. (NYSE:CRBG)

Bank of New York Mellon Corp trimmed its position in Corebridge Financial, Inc. (NYSE:CRBG) by 58.0% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,170,550 shares of the company’s stock after selling 1,618,626 shares during the period. Bank of New York Mellon Corp owned about 0.21% of Corebridge Financial worth $35,035,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Janney Montgomery Scott LLC lifted its position in shares of Corebridge Financial by 21.5% during the 3rd quarter. Janney Montgomery Scott LLC now owns 37,187 shares of the company’s stock valued at $1,084,000 after buying an additional 6,571 shares in the last quarter. Asset Management One Co. Ltd. lifted its position in shares of Corebridge Financial by 2.5% during the 3rd quarter. Asset Management One Co. Ltd. now owns 128,349 shares of the company’s stock valued at $3,743,000 after buying an additional 3,150 shares in the last quarter. Deseret Mutual Benefit Administrators lifted its position in shares of Corebridge Financial by 43.1% during the 3rd quarter. Deseret Mutual Benefit Administrators now owns 2,969 shares of the company’s stock valued at $87,000 after buying an additional 894 shares in the last quarter. Summit Global Investments purchased a new position in shares of Corebridge Financial during the 3rd quarter valued at about $649,000. Finally, Capital Performance Advisors LLP purchased a new position in shares of Corebridge Financial during the 3rd quarter valued at about $28,000. 98.25% of the stock is owned by hedge funds and other institutional investors.

Corebridge Financial Trading Down 0.1 %

NYSE CRBG opened at $32.05 on Friday. Corebridge Financial, Inc. has a 12 month low of $23.97 and a 12 month high of $35.36. The stock has a market capitalization of $17.82 billion, a P/E ratio of 8.48, a PEG ratio of 0.43 and a beta of 0.92. The firm’s 50-day moving average is $32.33 and its two-hundred day moving average is $30.82. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.13 and a quick ratio of 0.13.

Corebridge Financial (NYSE:CRBG) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $1.23 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.04). Corebridge Financial had a net margin of 11.39% and a return on equity of 22.69%. On average, sell-side analysts anticipate that Corebridge Financial, Inc. will post 5.43 earnings per share for the current year.

Corebridge Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 3.00%. The ex-dividend date of this dividend is Monday, March 17th. This is an increase from Corebridge Financial’s previous quarterly dividend of $0.23. Corebridge Financial’s payout ratio is currently 25.40%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Morgan Stanley raised Corebridge Financial from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $35.00 to $43.00 in a report on Friday, February 28th. TD Cowen boosted their price target on Corebridge Financial from $35.00 to $37.00 and gave the stock a “buy” rating in a report on Wednesday, November 27th. Piper Sandler boosted their price target on Corebridge Financial from $34.00 to $35.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. DOWLING & PARTN cut Corebridge Financial from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 26th. Finally, Deutsche Bank Aktiengesellschaft raised Corebridge Financial from a “hold” rating to a “buy” rating and boosted their price target for the stock from $33.00 to $40.00 in a report on Friday, January 10th. Two investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $37.29.

Insider Transactions at Corebridge Financial

In other news, major shareholder International Group American sold 121,956,256 shares of Corebridge Financial stock in a transaction on Monday, December 9th. The shares were sold at an average price of $31.47, for a total value of $3,837,963,376.32. Following the transaction, the insider now directly owns 127,282,642 shares of the company’s stock, valued at $4,005,584,743.74. The trade was a 48.93 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.08% of the company’s stock.

About Corebridge Financial

Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. The company operates through Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets segments. The Individual Retirement segment provides fixed annuities, fixed index annuities, variable annuities, and retail mutual funds.